CBD continues to grow in popularity. With relaxed state and federal regulations on this plant derivative, it’s relatively easy to get into the business. There are even lots of private label companies that will manufacture products for you. So, all you have to do is stick your label on the bottle, and market your product. However, with such a popular industry there of course is competition. This leads one to wonder, is kratom a better business to get into than CBD?
Regulatory Risks With Kratom and CBD Products
This is not legal advice and you should of course consult with a lawyer before getting into any business. As of the writing of this article, both products are generally legal in the United States. However, kratom is illegal in places like Australia, Denmark, Sweden, New Zealand, Russia, Romania, Latvia, and Lithuania. Furthermore, a number of states and cities in the US have banned kratom products. By contrast, CBD has fewer legal barriers on an international and state level. The lack of legal barriers makes CBD a safer business to get into. By contrast, there is more risk associated with kratom. As such, fewer companies are likely to enter the market. This can be a unique opportunity for people who understand the risks.
What’s a Good Example of a Kratom Business?
There are a number of kratom websites in existence today. If you’re looking for a good example, you can start by analyzing some of these websites:
Spend some time studying these websites to understand the nuances of marketing a kratom business. Pay attention to their shipping policies, as well as the way in which they describe their products, and their disclaimers.
What’s a Good Example of a CBD Business?
If you want to get into the CBD market, there are a plethora of websites to analyze. Some of the top choices include:
What Happens Next?
After you’ve spent considerable time running your competitive analysis of these and other businesses, it’s time to make a decision. First, decide whether you want to get into CBD, or Kratom, or both, or neither. Then, move forward. Weigh the risks, and hire the right people to mitigate them. Weigh the benefits, and find your niche in these growing markets accordingly. Good luck!